Pay vs Performance Disclosure - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Year | Summary Compensation Table total for PEO1 | Compensation Actually Paid (“CAP”) to PEO 1, 2,3 | Average Summary Compensation Table total for non-PEO NEOs4 | Average CAP to non-PEO NEOs2, 4, 5 | Value of initial fixed $100 investment based on: | Net income7 (in thousands) | Income before income taxes7, 8 (in thousands) | |||||||||
Total shareholder return6 | Peer group total shareholder return6 | |||||||||||||||
$4,725,723 | $12,211,134 | $1,448,577 | $2,668,332 | $74 | $59,059 | $67,866 | ||||||||||
$4,683,646 | $5,888,034 | $972,136 | $1,136,770 | $45 | $39,471 | $52,941 | ||||||||||
$4,559,910 | $3,337,578 | $1,090,770 | $953,222 | $40 | $38,386 | $53,056 | ||||||||||
$4,414,263 | $2,445,181 | $1,027,589 | $765,385 | $47 | $34,243 | $44,553 | ||||||||||
$4,405,773 | $1,424,534 | $986,045 | $593,330 | $65 | $48,543 | $65,512 | ||||||||||
each applicable year are the following:
•2025: Vikas Singh, John C. Shea, Andrew W. Kush, and Patrick J. Orr
•2024: Vikas Singh, John C. Shea, Andrew W. Kush, Patrick J. Orr, and Andrew M. Brophy (former Principal Financial Officer)
•2023: John C. Shea, Andrew W. Kush, Patrick J. Orr, and Andrew M. Brophy
•2022: John C. Shea, Andrew W. Kush, Patrick J. Orr, Jason J. Bundick, and Andrew M. Brophy
•2021: John C. Shea, Michael E. McBryan (former Executive Vice President, Chief Revenue Officer & Director), Andrew W.
Kush, and Jason J. Bundick
group it uses for purposes of Regulation S-K Item 201(e)(1)(ii), please see the Company’s Annual Report on Form 10-K filed with
the SEC on February 13, 2026 for further information (the “2025 Form 10-K”).
Reconciliation of Summary Compensation to CAP for Principal Executive Officer | 2025 | 2024 | 2023 | 2022 | 2021 | ||||||
Summary Compensation Table | $4,725,723 | $4,683,646 | $4,559,910 | $4,414,263 | $4,405,773 | ||||||
Less: Equity awards included in Summary Compensation Table | (3,294,001) | (3,320,182) | (3,193,867) | (2,951,289) | (3,092,728) | ||||||
Add: Year-end fair value of equity awards granted during current year that are outstanding and unvested at year-end | 5,852,392 | 3,717,865 | 2,043,205 | 1,695,607 | 1,322,617 | ||||||
Add: Change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end | 4,035,304 | 660,788 | (126,179) | (961,109) | (1,452,692) | ||||||
Add: Change in fair value during current year of equity awards granted in prior years that vested in the current year | 805,141 | 95,539 | (2,866) | 10,543 | 10,543 | ||||||
Add: Fair value on vesting date for current year equity grants | 86,575 | 50,378 | 57,375 | 74,167 | 62,953 | ||||||
Less: Fair value at end of prior year for any stock awards which were forfeited during current year | — | — | — | — | — | ||||||
Add: Dollar value of any dividends, dividend equivalents, or other earnings paid on stock or option awards | — | — | — | 162,999 | 168,068 | ||||||
Total Compensation Actually Paid (CAP): | $12,211,134 | $5,888,034 | $3,337,578 | $2,445,181 | $1,424,534 | ||||||
Reconciliation of Summary Compensation to Average CAP for Non-Principal Executive Officer Named Executive Officers | 2025 | 2024 | 2023 | 2022 | 2021 | ||||||
Summary Compensation Table | $1,448,577 | $972,136 | $1,090,770 | $1,027,589 | $986,045 | ||||||
Less: Equity awards included in Summary Compensation Table | (657,218) | (396,168) | (430,864) | (421,208) | (404,679) | ||||||
Add: Year-end fair value of equity awards granted during current year that are outstanding and unvested at year-end | 1,146,682 | 458,214 | 289,006 | 242,410 | 187,532 | ||||||
Add: Change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end | 586,545 | 73,246 | (15,443) | (127,340) | (218,593) | ||||||
Add: Change in fair value during current year of equity awards granted in prior years that vested in the current year | 109,622 | 18,527 | (1,594) | 1,272 | 1,429 | ||||||
Add: Fair value on vesting date for current year equity grants | 34,124 | 10,815 | 21,347 | 20,827 | 18,401 | ||||||
Less: Fair value at end of prior year for any stock awards which were forfeited during current year | — | — | — | — | — | ||||||
Add: Dollar value of any dividends, dividend equivalents, or other earnings paid on stock or option awards | — | — | — | 21,835 | 23,195 | ||||||
Total Compensation Actually Paid (CAP): | $2,668,332 | $1,136,770 | $953,222 | $765,385 | $593,330 | ||||||
for the PEO and the non-PEO Named Executive Officers to the TSR and peer group TSR:
*Value of initial fixed investment of $100.
for the PEO and the non-PEO Named Executive Officers to net income:
for the PEO and the non-PEO Named Executive Officers to income before income taxes:
for the PEO and the non-PEO Named Executive Officers to the TSR and peer group TSR:
*Value of initial fixed investment of $100.
Company Selected Measures |
Income before income taxes |
Total shareholder return |
Summary Compensation Table to compensation actually paid is provided in the “Narrative Disclosure to Pay Versus
Performance Table” section below.Total shareholder return (TSR) is calculated based on the return of $100 invested four years prior to the applicable year-end date in stock or index, including reinvestment of dividendsOur company-selected measure is Income before Income Taxes. Our Consolidated Statements of Comprehensive Income included on our Form 10-K provides details of how this is calculated.
Differences in the calculations of compensation in the summary compensation and the compensation actually paid are driven primarily on the determination of fair value used to calculate GAAP stock
compensation expense and the SEC definition in the compensation actually paid calculation and the
timing of equity awards issued during the years ended December 31, 2025, 2024, 2023, 2022 and 2021.
For each of the periods included in the CAP table, we have granted the vast majority of our equity
awards to the NEOs, including the PEO, and other employees during the first quarter of each fiscal year.
Expense for GAAP purposes (which is included in the Summary Compensation Table) for these grants is
measured at fair value at the grant date using the current stock price and other inputs that are
determined at the grant date, which is then recorded as straight-line stock compensation expense
over the vesting period for each grant.
In the CAP calculation, the fair value of each equity award is revalued at the end of each fiscal year
(instead of the grant date) or upon vesting. For unvested RSUs, we calculated the fair value of
outstanding units as the total number of unvested shares times the year-end stock price. For unvested
stock options, we calculated the fair value of outstanding unvested options using an updated Black-
Scholes model with inputs updated for each respective year-end date. For unvested PSUs, we
calculated the fair value of unvested units using an updated Monte-Carlo model with inputs updated
for each respective year-end date. Changes in fair value from the grant date, or the previous year-end,
to the end of each year in the table were primarily driven by changes in our stock price. No changes
were made to the valuation methods or models used in calculating the fair value as of year-end
versus each grant date, and no significant changes were made to assumptions used in the models. As
equity awards are a significant portion of the compensation package provided to our NEOs, our CAP
may fluctuate significantly from period to period based on changes in our stock price.
Only two measures are identified reflecting the sole two financial performance measures currently used in our executive compensation framework. Given total shareholder return is already included in
the pay versus performance table above, Company income before income taxes is identified as our
company-selected measure. Further details on how these performance measures are used in our
incentive plans can be found in the Compensation Discussion and Analysis section.